diff --git a/clang/lib/Format/ContinuationIndenter.cpp b/clang/lib/Format/ContinuationIndenter.cpp
index b07360425ca6e1..7d89f0e63dd225 100644
--- a/clang/lib/Format/ContinuationIndenter.cpp
+++ b/clang/lib/Format/ContinuationIndenter.cpp
@@ -842,10 +842,8 @@ void ContinuationIndenter::addTokenOnCurrentLine(LineState &State, bool DryRun,
     CurrentState.ContainsUnwrappedBuilder = true;
   }
 
-  if (Current.is(TT_TrailingReturnArrow) &&
-      Style.Language == FormatStyle::LK_Java) {
+  if (Current.is(TT_LambdaArrow) && Style.Language == FormatStyle::LK_Java)
     CurrentState.NoLineBreak = true;
-  }
   if (Current.isMemberAccess() && Previous.is(tok::r_paren) &&
       (Previous.MatchingParen &&
        (Previous.TotalLength - Previous.MatchingParen->TotalLength > 10))) {
@@ -1000,7 +998,7 @@ unsigned ContinuationIndenter::addTokenOnNewLine(LineState &State,
   //
   // is common and should be formatted like a free-standing function. The same
   // goes for wrapping before the lambda return type arrow.
-  if (Current.isNot(TT_TrailingReturnArrow) &&
+  if (Current.isNot(TT_LambdaArrow) &&
       (!Style.isJavaScript() || Current.NestingLevel != 0 ||
        !PreviousNonComment || PreviousNonComment->isNot(tok::equal) ||
        !Current.isOneOf(Keywords.kw_async, Keywords.kw_function))) {
@@ -1257,7 +1255,7 @@ unsigned ContinuationIndenter::getNewLineColumn(const LineState &State) {
     }
     return CurrentState.Indent;
   }
-  if (Current.is(TT_TrailingReturnArrow) &&
+  if (Current.is(TT_LambdaArrow) &&
       Previous.isOneOf(tok::kw_noexcept, tok::kw_mutable, tok::kw_constexpr,
                        tok::kw_consteval, tok::kw_static, TT_AttributeSquare)) {
     return ContinuationIndent;
@@ -1590,7 +1588,7 @@ unsigned ContinuationIndenter::moveStateToNextToken(LineState &State,
   }
   if (Current.isOneOf(TT_BinaryOperator, TT_ConditionalExpr) && Newline)
     CurrentState.NestedBlockIndent = State.Column + Current.ColumnWidth + 1;
-  if (Current.isOneOf(TT_LambdaLSquare, TT_TrailingReturnArrow))
+  if (Current.isOneOf(TT_LambdaLSquare, TT_LambdaArrow))
     CurrentState.LastSpace = State.Column;
   if (Current.is(TT_RequiresExpression) &&
       Style.RequiresExpressionIndentation == FormatStyle::REI_Keyword) {
diff --git a/clang/lib/Format/FormatToken.h b/clang/lib/Format/FormatToken.h
index cc45d5a8c5c1ec..9bfeb2052164ee 100644
--- a/clang/lib/Format/FormatToken.h
+++ b/clang/lib/Format/FormatToken.h
@@ -102,6 +102,7 @@ namespace format {
   TYPE(JsTypeColon)                                                            \
   TYPE(JsTypeOperator)                                                         \
   TYPE(JsTypeOptionalQuestion)                                                 \
+  TYPE(LambdaArrow)                                                            \
   TYPE(LambdaLBrace)                                                           \
   TYPE(LambdaLSquare)                                                          \
   TYPE(LeadingJavaAnnotation)                                                  \
@@ -725,7 +726,7 @@ struct FormatToken {
   bool isMemberAccess() const {
     return isOneOf(tok::arrow, tok::period, tok::arrowstar) &&
            !isOneOf(TT_DesignatedInitializerPeriod, TT_TrailingReturnArrow,
-                    TT_LeadingJavaAnnotation);
+                    TT_LambdaArrow, TT_LeadingJavaAnnotation);
   }
 
   bool isPointerOrReference() const {
diff --git a/clang/lib/Format/TokenAnnotator.cpp b/clang/lib/Format/TokenAnnotator.cpp
index 851f79895ac5ac..07b42e79ba9a61 100644
--- a/clang/lib/Format/TokenAnnotator.cpp
+++ b/clang/lib/Format/TokenAnnotator.cpp
@@ -831,7 +831,7 @@ class AnnotatingParser {
         }
         // An arrow after an ObjC method expression is not a lambda arrow.
         if (CurrentToken->is(TT_ObjCMethodExpr) && CurrentToken->Next &&
-            CurrentToken->Next->is(TT_TrailingReturnArrow)) {
+            CurrentToken->Next->is(TT_LambdaArrow)) {
           CurrentToken->Next->overwriteFixedType(TT_Unknown);
         }
         Left->MatchingParen = CurrentToken;
@@ -1769,8 +1769,10 @@ class AnnotatingParser {
       }
       break;
     case tok::arrow:
-      if (Tok->Previous && Tok->Previous->is(tok::kw_noexcept))
+      if (Tok->isNot(TT_LambdaArrow) && Tok->Previous &&
+          Tok->Previous->is(tok::kw_noexcept)) {
         Tok->setType(TT_TrailingReturnArrow);
+      }
       break;
     case tok::equal:
       // In TableGen, there must be a value after "=";
@@ -2056,11 +2058,11 @@ class AnnotatingParser {
             TT_LambdaLSquare, TT_LambdaLBrace, TT_AttributeMacro, TT_IfMacro,
             TT_ForEachMacro, TT_TypenameMacro, TT_FunctionLBrace,
             TT_ImplicitStringLiteral, TT_InlineASMBrace, TT_FatArrow,
-            TT_NamespaceMacro, TT_OverloadedOperator, TT_RegexLiteral,
-            TT_TemplateString, TT_ObjCStringLiteral, TT_UntouchableMacroFunc,
-            TT_StatementAttributeLikeMacro, TT_FunctionLikeOrFreestandingMacro,
-            TT_ClassLBrace, TT_EnumLBrace, TT_RecordLBrace, TT_StructLBrace,
-            TT_UnionLBrace, TT_RequiresClause,
+            TT_LambdaArrow, TT_NamespaceMacro, TT_OverloadedOperator,
+            TT_RegexLiteral, TT_TemplateString, TT_ObjCStringLiteral,
+            TT_UntouchableMacroFunc, TT_StatementAttributeLikeMacro,
+            TT_FunctionLikeOrFreestandingMacro, TT_ClassLBrace, TT_EnumLBrace,
+            TT_RecordLBrace, TT_StructLBrace, TT_UnionLBrace, TT_RequiresClause,
             TT_RequiresClauseInARequiresExpression, TT_RequiresExpression,
             TT_RequiresExpressionLParen, TT_RequiresExpressionLBrace,
             TT_BracedListLBrace)) {
@@ -2246,7 +2248,7 @@ class AnnotatingParser {
       Contexts.back().IsExpression = true;
     } else if (Current.is(TT_TrailingReturnArrow)) {
       Contexts.back().IsExpression = false;
-    } else if (Current.is(Keywords.kw_assert)) {
+    } else if (Current.isOneOf(TT_LambdaArrow, Keywords.kw_assert)) {
       Contexts.back().IsExpression = Style.Language == FormatStyle::LK_Java;
     } else if (Current.Previous &&
                Current.Previous->is(TT_CtorInitializerColon)) {
@@ -2381,7 +2383,7 @@ class AnnotatingParser {
       AutoFound = true;
     } else if (Current.is(tok::arrow) &&
                Style.Language == FormatStyle::LK_Java) {
-      Current.setType(TT_TrailingReturnArrow);
+      Current.setType(TT_LambdaArrow);
     } else if (Current.is(tok::arrow) && Style.isVerilog()) {
       // The implication operator.
       Current.setType(TT_BinaryOperator);
@@ -3276,7 +3278,7 @@ class ExpressionParser {
       }
       if (Current->is(TT_JsComputedPropertyName))
         return prec::Assignment;
-      if (Current->is(TT_TrailingReturnArrow))
+      if (Current->is(TT_LambdaArrow))
         return prec::Comma;
       if (Current->is(TT_FatArrow))
         return prec::Assignment;
@@ -4200,7 +4202,7 @@ unsigned TokenAnnotator::splitPenalty(const AnnotatedLine &Line,
   }
   if (Right.is(TT_PointerOrReference))
     return 190;
-  if (Right.is(TT_TrailingReturnArrow))
+  if (Right.is(TT_LambdaArrow))
     return 110;
   if (Left.is(tok::equal) && Right.is(tok::l_brace))
     return 160;
@@ -5278,9 +5280,10 @@ bool TokenAnnotator::spaceRequiredBefore(const AnnotatedLine &Line,
     return false;
   }
 
-  if (Right.is(TT_TrailingReturnArrow) || Left.is(TT_TrailingReturnArrow))
+  if (Right.isOneOf(TT_TrailingReturnArrow, TT_LambdaArrow) ||
+      Left.isOneOf(TT_TrailingReturnArrow, TT_LambdaArrow)) {
     return true;
-
+  }
   if (Left.is(tok::comma) && Right.isNot(TT_OverloadedOperatorLParen) &&
       // In an unexpanded macro call we only find the parentheses and commas
       // in a line; the commas and closing parenthesis do not require a space.
@@ -6298,8 +6301,8 @@ bool TokenAnnotator::canBreakBefore(const AnnotatedLine &Line,
   return Left.isOneOf(tok::comma, tok::coloncolon, tok::semi, tok::l_brace,
                       tok::kw_class, tok::kw_struct, tok::comment) ||
          Right.isMemberAccess() ||
-         Right.isOneOf(TT_TrailingReturnArrow, tok::lessless, tok::colon,
-                       tok::l_square, tok::at) ||
+         Right.isOneOf(TT_TrailingReturnArrow, TT_LambdaArrow, tok::lessless,
+                       tok::colon, tok::l_square, tok::at) ||
          (Left.is(tok::r_paren) &&
           Right.isOneOf(tok::identifier, tok::kw_const)) ||
          (Left.is(tok::l_paren) && Right.isNot(tok::r_paren)) ||
diff --git a/clang/lib/Format/UnwrappedLineParser.cpp b/clang/lib/Format/UnwrappedLineParser.cpp
index 688c7c5b1e977f..64a84e47512c76 100644
--- a/clang/lib/Format/UnwrappedLineParser.cpp
+++ b/clang/lib/Format/UnwrappedLineParser.cpp
@@ -2322,7 +2322,7 @@ bool UnwrappedLineParser::tryToParseLambda() {
       // This might or might not actually be a lambda arrow (this could be an
       // ObjC method invocation followed by a dereferencing arrow). We might
       // reset this back to TT_Unknown in TokenAnnotator.
-      FormatTok->setFinalizedType(TT_TrailingReturnArrow);
+      FormatTok->setFinalizedType(TT_LambdaArrow);
       SeenArrow = true;
       nextToken();
       break;
diff --git a/clang/unittests/Format/TokenAnnotatorTest.cpp b/clang/unittests/Format/TokenAnnotatorTest.cpp
index c20b50d14b80b1..f82ccaa1ab719e 100644
--- a/clang/unittests/Format/TokenAnnotatorTest.cpp
+++ b/clang/unittests/Format/TokenAnnotatorTest.cpp
@@ -42,6 +42,8 @@ class TokenAnnotatorTest : public testing::Test {
   EXPECT_EQ((FormatTok)->getPrecedence(), Prec) << *(FormatTok)
 #define EXPECT_BRACE_KIND(FormatTok, Kind)                                     \
   EXPECT_EQ(FormatTok->getBlockKind(), Kind) << *(FormatTok)
+#define EXPECT_SPLIT_PENALTY(FormatTok, Penalty)                               \
+  EXPECT_EQ(FormatTok->SplitPenalty, Penalty) << *(FormatTok)
 #define EXPECT_TOKEN(FormatTok, Kind, Type)                                    \
   do {                                                                         \
     EXPECT_TOKEN_KIND(FormatTok, Kind);                                        \
@@ -1695,19 +1697,19 @@ TEST_F(TokenAnnotatorTest, UnderstandsLambdas) {
   Tokens = annotate("[]() -> auto {}");
   ASSERT_EQ(Tokens.size(), 9u) << Tokens;
   EXPECT_TOKEN(Tokens[0], tok::l_square, TT_LambdaLSquare);
-  EXPECT_TOKEN(Tokens[4], tok::arrow, TT_TrailingReturnArrow);
+  EXPECT_TOKEN(Tokens[4], tok::arrow, TT_LambdaArrow);
   EXPECT_TOKEN(Tokens[6], tok::l_brace, TT_LambdaLBrace);
 
   Tokens = annotate("[]() -> auto & {}");
   ASSERT_EQ(Tokens.size(), 10u) << Tokens;
   EXPECT_TOKEN(Tokens[0], tok::l_square, TT_LambdaLSquare);
-  EXPECT_TOKEN(Tokens[4], tok::arrow, TT_TrailingReturnArrow);
+  EXPECT_TOKEN(Tokens[4], tok::arrow, TT_LambdaArrow);
   EXPECT_TOKEN(Tokens[7], tok::l_brace, TT_LambdaLBrace);
 
   Tokens = annotate("[]() -> auto * {}");
   ASSERT_EQ(Tokens.size(), 10u) << Tokens;
   EXPECT_TOKEN(Tokens[0], tok::l_square, TT_LambdaLSquare);
-  EXPECT_TOKEN(Tokens[4], tok::arrow, TT_TrailingReturnArrow);
+  EXPECT_TOKEN(Tokens[4], tok::arrow, TT_LambdaArrow);
   EXPECT_TOKEN(Tokens[7], tok::l_brace, TT_LambdaLBrace);
 
   Tokens = annotate("[] {}");
@@ -1723,19 +1725,19 @@ TEST_F(TokenAnnotatorTest, UnderstandsLambdas) {
   Tokens = annotate("[] -> auto {}");
   ASSERT_EQ(Tokens.size(), 7u) << Tokens;
   EXPECT_TOKEN(Tokens[0], tok::l_square, TT_LambdaLSquare);
-  EXPECT_TOKEN(Tokens[2], tok::arrow, TT_TrailingReturnArrow);
+  EXPECT_TOKEN(Tokens[2], tok::arrow, TT_LambdaArrow);
   EXPECT_TOKEN(Tokens[4], tok::l_brace, TT_LambdaLBrace);
 
   Tokens = annotate("[] -> struct S { return {}; }");
   ASSERT_EQ(Tokens.size(), 12u) << Tokens;
   EXPECT_TOKEN(Tokens[0], tok::l_square, TT_LambdaLSquare);
-  EXPECT_TOKEN(Tokens[2], tok::arrow, TT_TrailingReturnArrow);
+  EXPECT_TOKEN(Tokens[2], tok::arrow, TT_LambdaArrow);
   EXPECT_TOKEN(Tokens[5], tok::l_brace, TT_LambdaLBrace);
 
   Tokens = annotate("foo([&](u32 bar) __attribute__((attr)) -> void {});");
   ASSERT_EQ(Tokens.size(), 22u) << Tokens;
   EXPECT_TOKEN(Tokens[2], tok::l_square, TT_LambdaLSquare);
-  EXPECT_TOKEN(Tokens[15], tok::arrow, TT_TrailingReturnArrow);
+  EXPECT_TOKEN(Tokens[15], tok::arrow, TT_LambdaArrow);
   EXPECT_TOKEN(Tokens[17], tok::l_brace, TT_LambdaLBrace);
 
   Tokens = annotate("[] <typename T> () {}");
@@ -1816,7 +1818,7 @@ TEST_F(TokenAnnotatorTest, UnderstandsLambdas) {
   ASSERT_EQ(Tokens.size(), 20u) << Tokens;
   EXPECT_TOKEN(Tokens[0], tok::l_square, TT_LambdaLSquare);
   EXPECT_TOKEN(Tokens[2], tok::less, TT_TemplateOpener);
-  EXPECT_TOKEN(Tokens[10], tok::arrow, TT_TrailingReturnArrow);
+  EXPECT_TOKEN(Tokens[10], tok::arrow, TT_LambdaArrow);
   EXPECT_TOKEN(Tokens[12], tok::kw_requires, TT_RequiresClause);
   EXPECT_TRUE(Tokens[16]->ClosesRequiresClause);
   EXPECT_TOKEN(Tokens[17], tok::l_brace, TT_LambdaLBrace);
@@ -1877,7 +1879,7 @@ TEST_F(TokenAnnotatorTest, UnderstandsLambdas) {
   EXPECT_TOKEN(Tokens[2], tok::less, TT_TemplateOpener);
   EXPECT_TOKEN(Tokens[6], tok::kw_requires, TT_RequiresClause);
   EXPECT_TRUE(Tokens[10]->ClosesRequiresClause);
-  EXPECT_TOKEN(Tokens[11], tok::arrow, TT_TrailingReturnArrow);
+  EXPECT_TOKEN(Tokens[11], tok::arrow, TT_LambdaArrow);
   EXPECT_TOKEN(Tokens[13], tok::l_brace, TT_LambdaLBrace);
 
   Tokens = annotate("[] <typename T> requires Foo<T> (T t) requires Bar<T> {}");
@@ -3304,7 +3306,7 @@ TEST_F(TokenAnnotatorTest, FunctionTryBlock) {
   EXPECT_TOKEN(Tokens[3], tok::l_paren, TT_FunctionDeclarationLParen);
   EXPECT_TOKEN(Tokens[11], tok::colon, TT_CtorInitializerColon);
   EXPECT_TOKEN(Tokens[14], tok::l_square, TT_LambdaLSquare);
-  EXPECT_TOKEN(Tokens[16], tok::arrow, TT_TrailingReturnArrow);
+  EXPECT_TOKEN(Tokens[16], tok::arrow, TT_LambdaArrow);
   EXPECT_TOKEN(Tokens[20], tok::l_brace, TT_LambdaLBrace);
   EXPECT_TOKEN(Tokens[31], tok::comma, TT_CtorInitializerComma);
   EXPECT_TOKEN(Tokens[36], tok::l_brace, TT_FunctionLBrace);
@@ -3322,6 +3324,20 @@ TEST_F(TokenAnnotatorTest, TypenameMacro) {
   EXPECT_TOKEN(Tokens[6], tok::l_brace, TT_Unknown);
 }
 
+TEST_F(TokenAnnotatorTest, SplitPenalty) {
+  auto Style = getLLVMStyle();
+  Style.ColumnLimit = 20;
+
+  auto Tokens = annotate("class foo {\n"
+                         "  auto bar()\n"
+                         "      -> bool;\n"
+                         "};",
+                         Style);
+  ASSERT_EQ(Tokens.size(), 13u) << Tokens;
+  EXPECT_TOKEN(Tokens[7], tok::arrow, TT_TrailingReturnArrow);
+  EXPECT_SPLIT_PENALTY(Tokens[7], 23u);
+}
+
 } // namespace
 } // namespace format
 } // namespace clang